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Enquiry Levels Remain High in Mortgage Market

26.02.18

Amongst all the headlines, reports and endless predictions around what will happen to the property and mortgage markets it is important to always take stock and take a look around at what is actually happening at ground level.

Despite Brexit, high prices and rates starting to rise activity and enquiry levels are at an extremely high level, with people determined to make 2018 a year that they actually do something.

With the highest number of First Time Buyers for 10 years and remortgage enquiries coming thick and fast, the main piece of the jigsaw missing is the next-time movers. Historically people would move around 5-7 times in their lifetime, but this is now reduced due to hassle, high prices and of course Stamp Duty costs.

However, the underlying fundamentals of why people move are still there; moving out of home, new partner, start a family, schools, divorce and the like which keeps the market ticking along, especially in the high demand areas.

Perhaps the biggest change is around the reduction in the number of Buy to Let purchases we are seeing, due to the recent tax changes, but perhaps surprisingly we are still seeing professional landlords who understand the changes looking to expand their portfolios. Landlords need to be properly educated around what the market looks like for them, rather than just believing the press speculation.

Amongst all of this, lenders still want to lend, in fact more so than for many years and the targets they have set themselves mean that competition is going to remain fierce for the rest of the year.

At present, 2-year fixes are available at 1.19%, (4.86% APRC) and 5-year fixes from 1.71%, 3.16% APRC) whilst variable tracker rates are around from 1.24%, (3.57% APRC).

Those looking at a Buy-To-Let can still obtain products from just 1.34%, (4.66% APRC) for a 2-year fix.

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Coreco Partners LLP is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

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Privacy policy

Coreco Partners LLP is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Coreco Partners LLP is known in this document as “Coreco”, “we” and “us”

As the controller of your data, Coreco complies with Data Protection laws in the United Kingdom and the EU General Data Protection Regulation (GDPR). This Privacy Policy details how Coreco processes your personal data.

The personal data we collect about you
Personal data collected, used, stored and transferred by us may include:

Identity Data including forenames, last name, maiden name, date of birth, gender, marital status, and username or similar identifier
Contact Data including home address, email address and telephone numbers
Financial Data including banks statements, payment card details, savings, debts such as loans and credit cards, income & expenditure, employer & pension benefits, and other assets
Special Category Data specifically medical history
Transaction Data including payments made for products and services you have purchased from us
Technical Data including internet protocol (IP) address, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform and other technology on the devices used to access the Coreco website
Profile and Usage Data including purchases made by you, feedback and survey responses, and how you use our website, products and services
Marketing and Communications Data including your preferences in receiving marketing from us and our business partners and your communication preferences
How do we collect your personal data?
Personal data is collected by us using the following methods:

Direct interactions with an adviser in person, by post, phone, email or otherwise when sourcing and applying for mortgage or protection products, processing Identity, Contact and Financial categories of personal data.
Automated technologies or interactions with our website, by using the web enquiry form or the Find A Mortgage function, processing Identity, Contact, Financial and Technical categories of personal data.
Third parties or publicly available sources (processing Identity, Contact and Financial categories of personal data) such as:
Estate agents with whom you may be interacting, but only with your consent;
New home builders, as a legitimate interest of the builder in order to assess affordability for the property;
Enquiries you may perform on third-party mortgage sourcing websites.
Ho do we use your personal data?
We use your personal data in the following circumstances and relying on the following lawful basis for processing:

Purpose/Activity Type of Data Lawful Basis for Processing
To initially engage with you to discuss your requirements • Identity
• Contact Consent
To process and deliver your application for a mortgage or protection product • Identity
• Contact
• Financial
• Special Category
• Transaction
• Marketing & Comms Performance of a contract with you
Necessary for our legitimate interests (to recover debts due to us)
To manage our relationship with you which will include:
• Notifying you about changes to our terms or privacy policy
• Customer reviews/surveys
• Re-engagement when existing products near expiry/review protection needs • Identity
• Contact
• Profile & Usage
• Marketing & Comms Performance of a contract with you
To comply with a legal obligation
Necessary for our legitimate interests (to re-engage with you to review your existing mortgage/protection needs, and to maintain and improve customer service standards)
To respond to case enquiries and input to & defend against complaints • Identity
• Contact
• Profile & Usage
• Transaction
• Marketing & Comms To comply with a legal obligation
Necessary for our legitimate interests (to ensure that complaints can be responded to accurately)
To perform and affordability check for a new build property • Identity
• Contact
• Profile & Usage Consent
To administer and protect our business and our website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data) • Identity
• Contact
• Technical To comply with a legal obligation
Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you • Identity
• Contact
• Profile & Usage
• Marketing & Comms
• Technical Necessary for our legitimate interests (to study how customers use our products/services, to develop them, to grow our business and to inform our marketing strategy)
To use data analytics to improve our website, products/services, marketing, customer relationships and experiences • Technical
• Profile & Usage Necessary for our legitimate interests (to analyse customer usage, update our website, to develop our business and to inform our marketing strategy
Change of purpose
We will only use your personal data for the purposes stated above, unless we reasonably consider that we need to use it for another reason and it is compatible with the original purpose. Please contact us for an explanation as to how any new processing compatible with the original purpose.

If we need to use your personal data for an unrelated purpose, we will notify you and explain the legal basis which allows us to do so. Please note that we may process your personal data without your knowledge or consent, in compliance with the above rules, where this is required or permitted by law.

Changes to our Privacy Notice
We keep our Privacy Notice under regular review and we will place any updates on this web page. This Privacy Notice was last updated on 24th April 2018. Historic versions can be obtained by contacting us.

Marketing communications
You will also have the choice to opt-in to receiving other related marketing information and related products and services.

You can opt-out of receiving these types of communications at any time by contacting our Compliance team at compliance@mab.org.uk or by clicking on the relevant link in email communications you receive from us.

However please note that your personal information will not be passed to any third-party organisation for marketing purposes.

Data Security
We have put in place appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. We also limit access to your personal data to only those Coreco staff, advisers, business partners and suppliers who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality.

We have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where we are legally required to do so.

Website Third-party links
Coreco’s website may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy statements. When you leave our website, we encourage you to read the privacy notice of every website you visit.

Sharing of personal data outside of the European Economic Area
Some of our external suppliers are based outside the European Economic Area (EEA) so their processing of your personal data will involve a transfer of data outside the EEA. Where we use providers based in the US, we may transfer data to them if they are part of the Privacy Shield which requires them to provide similar protection to personal data shared between Europe and the US.

We may also use specific contracts approved by the European Commission that provide the same level of protection for personal data as it has in the EEA.

Who we disclose personal data to
Your personal data may be shared with third parties for the following purposes:

Type of Recipient Reason
Within Coreco Depending on your requirements, it may be necessary to share your personal data with Coreco's specialist product providers in order for suitably qualified advisers to source relevant products and services or to re-engage with existing clients.
Lenders and protection product suppliers To source and submit applications in order to conclude the contract for the mortgage/protection application and the ongoing servicing of these contracts
External Suppliers Specialist IT system providers to facilitate the sourcing of products, to provide continuing advice, to inform you about relevant products and services, and to request feedback on customer service standards. It may also be necessary to share your personal information with non-affiliated companies who perform support services on our behalf including those that provide professional, legal or accounting advice to Coreco.
Estate Agents/new home builders We may share information about the progress of your application with estate agents and home builders with whom you are interacting
Regulators Sharing information may be necessary to fulfil our legal obligations as a regulated profession, for example with the Financial Conduct Authority, to verify your identity and comply with Anti Money Laundering legislation, and otherwise co-operate with law enforcement, legal proceedings or regulatory authorities.
Others Third parties to whom we may choose to sell, transfer or merge parts of our business or our assets. Alternatively, we may seek to acquire other businesses, then the new owners may use your personal data in the same way as set out in this privacy notice.
These companies are required to ensure appropriate security measures are in place and maintain the confidentiality of your personal data, and to use your personal data only in the course of providing such services and in accordance with Coreco instructions.

How long is your personal data retained?
We only retain your personal data for as long as necessary. The table below outlines how long data is retained, and depends on the reason the personal data is used for:

Purpose of processing Retention
Enquiry date obtained from third parties (Estate Agents, websites) that do not result in an application for a mortgage or protection product 2 years from the date the enquiry was received from the introducer
Affordability assessments for new build property 2 years from Decision in Principle if affordability check does not proceed to a full mortgage application
Withdrawn, stalled, incomplete failed mortgage/protection applications 2 years from the date the latest application was started
Successful mortgage 25 years from the date the mortgage is purchased or 7 years from the date the latest protection product expires
Your legal rights regarding your personal data
After these retention periods if there is no other on-going client relationship your personal data will either be securely deleted or anonymised so that it can be used for statistical purposes but without any method of identifying you individually.

You have the right to:

Request access to your personal data. This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it.
Request correction of the personal data. This enables you to have any incomplete or inaccurate data corrected, though we may need to verify the accuracy of the new data you provide to us.
Request erasure of your personal data. This enables you to ask us to delete personal data where there is no good reason for us continuing to process it. You can also to ask us to delete your personal data where you have successfully objected to the processing (see below), where we may have processed your information unlawfully or where we are required to erase your personal data to comply with local law. Note, however, that we may not always be able to delete the data for specific legal reasons which will be notified to you, if applicable, at the time of your request.
Object to processing of your personal data where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms. You also have the right to object where we are processing your personal data for direct marketing purposes. In some cases, we may demonstrate that we have compelling legitimate grounds to process your information which override your rights and freedoms.
Request restriction of processing of your personal data. This enables you to ask us to suspend the processing of your personal data in the following scenarios: (a) if you want us to establish the data’s accuracy; (b) where our use of the data is unlawful but you do not want us to erase it; (c) where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims; or (d) you have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it.
Request the transfer of your personal data to you or to a third party. We will provide to you, or a third party you have chosen, your personal data in a structured, commonly used, machine-readable format. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you.
Withdraw consent at any time where we are relying on consent to process your personal data. However, this will not affect the lawfulness of any processing carried out before you withdraw your consent. If you withdraw your consent, we may not be able to provide certain products or services to you. We will advise you if this is the case at the time you withdraw your consent.
Questions
If you have any questions or complaints relating to how we use your personal data, or if you wish to exercise any of your rights regarding your personal data, please contact the Information Security & Data Protection Manager, Matt Lowndes, by emailing team@coreco.co.uk or by writing to us. We will respond to you as soon as is possible. The length of time will depend on the type and complexity of the request, but you will receive a response no later than one month from the initial request.

What if I am still not satisfied?
If you are not satisfied with how Coreco has responded to your enquiry, you have the right to complain to the Information Commissioner’s Office (ICO), who is the regulator for data protection in the United Kingdom.

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